IBX-Jakarta. Today, the OECD/G20 Inclusive Framework on BEPS unveiled the most recent evaluations for 131 regions concerning the automatic sharing of details on tax rulings. This marks the seventh yearly evaluation of the BEPS Action 5 minimum standard on tax rulings, designed to equip tax authorities with vital information about their taxpayers to effectively address tax avoidance and other BEPS-related risks. The 2022 Peer Review Reports on the Exchange of Information on Tax Rulings reveal that more than 54,000 data exchanges occurred regarding over 24,000 identified tax rulings.
Additionally, the updated peer review findings demonstrate that 100 regions fully comply with the BEPS Action 5 minimum standard. The remaining 31 areas received a collective 58 recommendations to enhance their legal or operational frameworks for identifying relevant tax rulings and exchanging information. Insights provided by Inclusive Framework members during this peer review process, along with previous years’ feedback, have enabled multiple regions to refine their procedures and enhance the precision and caliber of shared information. The Inclusive Framework will persist in advancing in this realm, focusing the next annual review in 2023 on jurisdictions’ actions taken in response to outstanding recommendations.
Source: Countering harmful tax practices: Over 54 000 exchanges on tax rulings carried out among more than 130 jurisdictions under the BEPS Action 5 standard – OECD